USDJPY – Down
Technical observation
On the 4 hour chart above, price pulled back to the supportive zone 140.66-140.33 as i had anticipated and it could not break below it, instead it bounced within this zone and since then it has been trading with an increasing bullish bias. As long as the value of USD is sustained above the zone I mentioned earlier, I expect a further rally to the upper side and if you are currently holding bullish positions with the pair above, I would recommend that you remain in the trade with your take profit at 145.90 and stop-loss at 138.38. If price penetrates above the level 145.90, I expect it to surge further to the upper side after a correction to the broken line.
Trade recommendation
Remain long with your take profit at 145.90.
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